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Saudi Arabia outpaced Russia by average daily oil production in February 2019

April 24, 21:35 UTC+3 MOSCOW

Saudi Arabia was producing 10.09 mln barrels of oil per day that month

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MOSCOW, April 24. /TASS/. Russia was producing 9.83 mln barrels of oil per day in March 2019 and lost 2.5% to Saudi Arabia, the state statistics service Rosstat reported on Wednesday.

Saudi Arabia was producing 10.09 mln barrels of oil per day in February 2019. According to statistics, total daily production of OPEC nations was 30.55 mln barrels in February 2019, including 4.63 mln barrels per day produced in Iraq (ranked second by oil production among OPEC members).

The average actual export price of oil surged 6.4% month-on-month to $445.9 per tonne in February 2019. The price for Urals crude oil on the global market grew 6.7% in monthly terms to $466.1 per tonne in the reporting period, Rosstat said.

The share of oil exports amounted to 27.4% in the total volume of Russian exports in January - February 2019 and to 41.4% in the export of fuel and energy commodities (versus 29.6% and 44.6% respectively in January - February 2018), Rosstat reported.

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